NBT reports rise in net income; Mass. acquisition
NORWICH – NBT Bancorp Inc. has reported net income for the nine months ended Sept. 30, 2011 was $44.2 million, up $1.2 million, or 2.8%, from the nine months ended Sept. 30, 2010. Net income per diluted share for the nine months ended Sept. 30, 2011 was $1.29 per share, up from $1.25 per diluted share for the nine months ended Sept. 30, 2010.
Annualized return on average assets and return on average equity were 1.09% and 10.95%, respectively, for the nine months ended Sept. 30, 2011, compared with 1.05% and 11.01%, respectively, for the nine months ended Sept. 30, 2010. Net interest margin (on a fully taxable equivalent basis (“FTE”)) was 4.13% for the nine months ended Sept. 30, 2011, down 4 basis points (“bps”) from 4.17% for the nine months ended Sept. 30, 2010.
Net income for the three months ended Sept. 30, 2011 was $15.2 million, up $0.6 million, or 4.4%, from the three months ended Sept. 30, 2010. Net income per diluted share for the three months ended Sept. 30, 2011 was $0.45 per share, up from $0.42 per diluted share for the three months ended Sept. 30, 2010. Annualized return on average assets and return on average equity were 1.12% and 11.21%, respectively, for the three months ended Sept. 30, 2011, compared with 1.07% and 10.89%, respectively, for the three months ended September 30, 2010. Net interest margin (FTE) was 4.14% for the three months ended Sept. 30, 2011, down slightly from 4.15% for the three months ended Sept. 30, 2010.
Key items for 2011 include:
• Diluted earnings per share of $1.29 for the first nine months of 2011 was the second highest in the Company’s history; second to $1.34 for the same period in 2008.
• Net interest margin was 4.13% for the first nine months of 2011, down from 4.17% for the same period of 2010, a result of the continued low rate environment on loans and investments.
• Net charge-offs were 0.55% of average loans and leases for the first nine months of 2011, down 10 bps from the first nine months of 2010; provision for loan and lease losses was down $7.9 million for the same period.
• Continued strategic expansion with the successful acquisition and conversion of four branches in Berkshire County, Massachusetts on Oct. 21.
“Through our ongoing focus on our customers and our people, we have again delivered a strong performance with near-record earnings for the first three quarters of the year,” said NBT President and CEO Marty Dietrich. “We also continue to seek out opportunities for strategic investments to secure our future success, including enhancements to our branch banking network. In the past four weeks, we have opened a total of seven new NBT Bank locations, including our Utica Financial Center and new branch offices in Binghamton, N.Y. and Essex, Vt. Today marks our first day of business in the state of Massachusetts with the successful acquisition and conversion of four new locations in Berkshire County. We’re pleased to expand delivery of our unique brand of community banking in and to these markets and are confident the efforts of our banking professionals will be well received.”
The NBT Board of Directors declared a 2011 fourth-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on Dec. 15, 2011 to shareholders of record as of Dec. 1, 2011.
On Oct. 21, NBT Bank, N.A., the wholly owned national bank subsidiary of NBT Bancorp Inc., acquired from Berkshire Hills Bancorp, Inc. approximately $147 million of deposits, $46 million in loans and four Berkshire County, Massachusetts bank branches located in the towns of Great Barrington, Lee, Pittsfield, and North Adams.
Annualized return on average assets and return on average equity were 1.09% and 10.95%, respectively, for the nine months ended Sept. 30, 2011, compared with 1.05% and 11.01%, respectively, for the nine months ended Sept. 30, 2010. Net interest margin (on a fully taxable equivalent basis (“FTE”)) was 4.13% for the nine months ended Sept. 30, 2011, down 4 basis points (“bps”) from 4.17% for the nine months ended Sept. 30, 2010.
Net income for the three months ended Sept. 30, 2011 was $15.2 million, up $0.6 million, or 4.4%, from the three months ended Sept. 30, 2010. Net income per diluted share for the three months ended Sept. 30, 2011 was $0.45 per share, up from $0.42 per diluted share for the three months ended Sept. 30, 2010. Annualized return on average assets and return on average equity were 1.12% and 11.21%, respectively, for the three months ended Sept. 30, 2011, compared with 1.07% and 10.89%, respectively, for the three months ended September 30, 2010. Net interest margin (FTE) was 4.14% for the three months ended Sept. 30, 2011, down slightly from 4.15% for the three months ended Sept. 30, 2010.
Key items for 2011 include:
• Diluted earnings per share of $1.29 for the first nine months of 2011 was the second highest in the Company’s history; second to $1.34 for the same period in 2008.
• Net interest margin was 4.13% for the first nine months of 2011, down from 4.17% for the same period of 2010, a result of the continued low rate environment on loans and investments.
• Net charge-offs were 0.55% of average loans and leases for the first nine months of 2011, down 10 bps from the first nine months of 2010; provision for loan and lease losses was down $7.9 million for the same period.
• Continued strategic expansion with the successful acquisition and conversion of four branches in Berkshire County, Massachusetts on Oct. 21.
“Through our ongoing focus on our customers and our people, we have again delivered a strong performance with near-record earnings for the first three quarters of the year,” said NBT President and CEO Marty Dietrich. “We also continue to seek out opportunities for strategic investments to secure our future success, including enhancements to our branch banking network. In the past four weeks, we have opened a total of seven new NBT Bank locations, including our Utica Financial Center and new branch offices in Binghamton, N.Y. and Essex, Vt. Today marks our first day of business in the state of Massachusetts with the successful acquisition and conversion of four new locations in Berkshire County. We’re pleased to expand delivery of our unique brand of community banking in and to these markets and are confident the efforts of our banking professionals will be well received.”
The NBT Board of Directors declared a 2011 fourth-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on Dec. 15, 2011 to shareholders of record as of Dec. 1, 2011.
On Oct. 21, NBT Bank, N.A., the wholly owned national bank subsidiary of NBT Bancorp Inc., acquired from Berkshire Hills Bancorp, Inc. approximately $147 million of deposits, $46 million in loans and four Berkshire County, Massachusetts bank branches located in the towns of Great Barrington, Lee, Pittsfield, and North Adams.
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